- Bitcoin price on Friday was down a modest 1%, but price action still spells danger.
- BTC/USD is moving within a range/consolidation block, subject to an extended move south.
- Deep downside target still eyed down at $4500 mark, as next major support.
- Price action has formed a bearish pennant via the 60-minute view.
BTC/USD 60-minute chart
Spot rate: 5563.98
Relative change: -1.03%
High: 5610.31
Low: 5467.28
Trend: Bearish
Support 1: 5480.09, lower trend line of pennant.
Support 2: 5303.67, daily pivot point support.
Support 3: 5202.57, 15 November low.
Resistance 1: 5578.29, 50MA & upper trend line of pennant.
Resistance 2: 5748.82, daily pivot point resistance.
Resistance 3: 5918.71, daily pivot point resistance.
BTC/USD daily chart
- The price via the daily chart view, can be seen dipping in and out of a vital demand area. This appears to be the only hope before a potential drop down to $4500.